On The Fly: Morning Wrap-Up for February 23Globex S&P futures are recently down 4.30 from previous day’s SPX cash close. Nikkei 225 up 0.73%, DAX up 0.33%. WTI Crude oil is recently at $49.69, natural gas up 0.26%, gold at $1193 an ounce, copper down 0.91%.

FX Update: EUR-USD took a tumble FX Update: EUR-USD took a tumble during London AM trade, from levels around 1.1380 to a 1.1295 low before finding a toehold. The move was prompted by disappointing German Ifo data, while Greece's four-month loan extension doesn't solve the underlying contentions of the new government in Athens. Analysts also picked up on conjecture in markets that Fed boss Yellen's testimony this week may produce hawkish sound bites, which has lifted the dollar's yield advantage back to within a whisker of last Wednesday's cycle high around 175 bp in the 10-year T-note versus Bund differential. USD-JPY nudged above Friday's peak at 119.19, making a high of 119.35 despite talk of Japanese exporter selling into month end. Cable posted six-day lows under 1.5335 on a disappointing UK CBI retails sales outcome. AUD-USD took a sizeable hit, which were blamed on a drop in commodity prices today. See summary